Town of Clinton

The meeting commenced with the Pledge of Allegiance followed by a public comment period where no attendees were present. A significant portion of the meeting involved a detailed discussion regarding employee health insurance, specifically the financial impact of GLP-1 drugs for weight loss and proposed changes to high deductible health plans and retiree contribution rates over a three-year period. Updates were provided concerning the closure of the 525 Water Street property, returning it to the tax rolls after a lengthy process. The board also discussed applications for congressionally designated earmark funding for wheat shortfall assistance and solicited ideas for state budget advocacy projects under $100,000. Finally, the board addressed concerns stemming from social media reports regarding potential substantial employment reductions and operational closures at a major local company, noting immediate outreach to legislative delegation and the company.

The meeting covered several financial and administrative matters. Key discussion points included a review of the monthly investment and cash summary sheet, noting a decrease in earned cash interest rate to 1.9% from an average of 4%. The board reviewed the monthly statement, noting concerns about the private equity performance. Accounting updates were discussed, pending the finalization of the annual statement which is expected next month. The board also handled the treasurer's monthly cash reconciliation, approved a warrant totaling $687,037.41 which included a large one-time transfer payment, and approved a refund request. A transfer for a member with substantial prior creditable service was accepted. The board accepted a superannuation retirement case. Information memos regarding buy back and makeup repayment worksheets and actuarial data were reviewed. The board unanimously approved the election of Joseph, congratulated him, and unanimously voted to approve the contract for the attorney, Collins, ensuring the rate change frequency was set to every two years. The board unanimously approved the Cost of Living Adjustment (COLA) at 3% for the first $18,000 of compensation. The investment consultant subcommittee was discussed, deferring a full discussion until after a forthcoming meeting with Francisco. The time for the next meeting was confirmed for 3:00 PM.

The meeting commenced with the pledge of allegiance followed by a review of meeting minutes, specifically tabling the discussion regarding the January 21st executive session minutes. Public comment was noted as having no attendees. Key discussions centered on employee health insurance renewal proposals with Blue Cross. The committee recommended accepting the 0% premium renewal, which excludes coverage for GLP1 weight loss drugs, and instead offering voluntary TEDOC counseling for those using such medications. Further recommendations included reviewing a tiered rating structure (Individual, Individual Plus One, Family) to potentially replace the current structure, and offering a voluntary Qualified High Deductible Health Plan (HDHP) subsidized with Health Savings Account (HSA) contributions. A final discussion point involved phasing in an increase to the town's contribution share for retiree health insurance from 60% to 70% over a three-year period, coinciding with the potential HDHP implementation. Public hearings for Class 2 motor vehicle dealers' and commercial garage licenses were tabled due to outstanding issues.

The meeting covered the November 2025 review, including fund performance, market updates, and organizational updates from the director of client services. Key discussions focused on achieving a record fund balance of 121 billion, with a 4.4% net return for the December quarter, resulting in a 10.6 billion share gain over the trailing 12 months. The discussion emphasized the importance of managing returns, risk, and costs, prioritizing cost reduction. The team maintains an 'all weather portfolio' strategy. Specific attention was given to private equity, noting that Clinton Retirement Board is a consistent contributor to the vintage year program, and discussing the process for allocating capital for the 2026 vintage year. There was also a brief discussion about expanding investment types, including potentially adding a Western European manager in the hedge fund portfolio, and the implications of retail investors gaining access to private markets.

The meeting served as a joint discussion regarding the fiscal year 2026 budget process, which involved reinstating a past practice of requesting department heads submit three budget options: 3% decrease, level funded, and level service. Discussions also covered ensuring department heads have necessary data prepared for budget presentations, including strong justification for any new positions requested. A significant portion of the meeting addressed the town administrator search process, focusing on securing the services of the search firm Community Paradigm for a flat fee of $14,000. Concerns were raised regarding the previous, unsuccessful search process which involved a four-person committee, the number of candidates received, and the firm's fee structure. The group also discussed establishing a meeting schedule for budget review, including utilizing Microsoft 365 calendar invites for coordination.